Utilities Continue to Outperform as Broader Index's Dive

Utilities continue to outperform weak broader index as investors hunt for yield. The utility ETF

is up 0.62 percent while the S&P 500 ETF

is down 0.56 percent. The ETF had traded in a $41.50 to $42 range established on April 8th. In the opening half hour of trading Tuesday, the ETF busted out to a new 52 week high of $42.32. Traders should watch for a close above $42.22, the April 10th high for a sign the trend may continue. The monthly, weekly, and daily candles are all pointing at an upward bias.